PetroChina, China's largest oil and gas producer, discovered more than 100 million metric tons of geological reserves in China's Qinghai province, Bloomberg News reported, citing the Xinhua News Agency. The discovery is the largest in the Qinghai oilfield in three decades.
PetroChina(PTR), did not comment on the report. The discovery represents possible, probable and proven reserves. The company's U.S.-listed American Depositary Shares are up 5% in the past three months.
PetroChina plans to increase its output to at least 15 million tons a year by 2015, compared with 6.57 million tons in 2008. One recent analyst report said PetroChina is ''well-positioned'' to capitalize on rising Chinese demand for chemicals, natural gas and crude oil.